Gazprom and RusGazDobycha sign Term Sheet to develop group of fields in Yamal-Nenets Autonomous Area

Alexey Miller, Chairman of the Gazprom Management Committee, and Artem Obolensky, Director General of RusGazDobycha, today signed at the St. Petersburg International Economic Forum 2016 a Term Sheet regarding the joint project for the development of the Parusovoye, Severo-Parusovoye, and Semakovskoye fields located in the Yamal-Nenets Autonomous Area.

The Term Sheet outlines the general principles and basic terms of cooperation between the parties, including the procedure for making a final investment decision in respect of the project implementation, and the approaches to hydrocarbon pricing and project financing.

Specifically, it is planned in the preparatory phase to establish a project company that would develop the investment rationale for constructing field facilities and transport infrastructure, conduct surveys, and prepare the project documentation. Based on the results of these works, a decision will be taken concerning the feasibility of the project.

Background

RusGazDobycha is a special-purpose company established by National Chemical Group with the purpose of increasing the efficiency of the production chain, gaining access to feedstock (natural gas), and investing in feedstock production and processing capacities.